US gold futures were trading flat in New York with June contracts exchanging hands for to $1,834.70 per ounce by mid-afternoon.

Meanwhile, bond market expectations for the pace of inflation over the coming half decade surged earlier in the week to the highest since 2006. The jump in the five-year breakeven rate comes amid a run-up in commodities, and adds to a longer-term uptick in inflation bets that’s been fueled by improving prospects for growth and pandemic-related stimulus measures.

However, the “inflation expectations are already elevated and will move lower,” Georgette Boele, a senior precious metals strategist at ABN Amro Bank NV, told Bloomberg.

Gold’s “rally is running out of steam just below the 200-day moving average at $1,850 an ounce,” she added.

Bullion posted the biggest weekly gain since November last week after a report showed a surprise slowdown in US job growth, supporting the case for continued economic stimulus and low interest rates.

Investors will be watching for the US CPI report due Wednesday, which is forecast to show prices continued to increase in April.